Filing Flows › United Therapeutics (UTHR) › Q3 2026 › vs Q2 2026
United Therapeutics (UTHR) Q3 2026 vs Q2 2026 (quarter over quarter)
United Therapeutics's revenue rose $49.2M (+6%) from $783M in Q2 2026 to $832M in Q3 2026. The biggest changes: Total Tyvaso +$51.2M (+11%); Orenitram +$19.3M (+15%); Unituxin −$12.9M (-20%). Gross margin 88.1% against 87.3% (+0.8 pts).
United Therapeutics, Q3 2026: revenue $832M (+4% year over year), operating margin 37.0%, net earnings $259M, operating cash flow $306M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 88.1% | 87.3% | +0.8 pts |
| Operating margin | 37.0% | 42.2% | -5.3 pts |
| Net margin | 31.1% | 42.5% | -11.4 pts |
| Free cash flow margin | 15.1% | 26.2% | -11.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Tyvaso DPI | $378M | $327M | $51.9M | +16% |
| Nebulized Tyvaso | $125M | $126M | −$700K | -0.6% |
| Total Tyvaso | $504M | $453M | $51.2M | +11% |
| Orenitram | $145M | $126M | $19.3M | +15% |
| Remodulin | $122M | $126M | −$4.3M | -3% |
| Unituxin | $52.3M | $65.2M | −$12.9M | -20% |
| Other | $4.9M | $6.8M | −$1.9M | -28% |
| Adcirca | $4.5M | $6.7M | −$2.2M | -33% |
| Revenue | $832M | $783M | $49.2M | +6% |
| Gross profit | $733M | $684M | $49.6M | +7% |
| Cost of revenue | $99.1M | $99.5M | −$400K | -0.4% |
| Other income, net | $65.0M | $41.9M | $23.1M | +55% |
| Operating profit | $308M | $331M | −$23.0M | -7% |
| Operating expenses | $426M | $353M | $72.6M | +21% |
| Pre-tax earnings | $373M | $373M | $100K | 0% |
| Research & development | $279M | $146M | $133M | +91% |
| SG&A | $146M | $207M | −$60.3M | -29% |
| Net earnings | $259M | $333M | −$74.4M | -22% |
| Income tax | $114M | $39.7M | $74.5M | +188% |
| Depreciation & amortization | $26.4M | $24.2M | $2.2M | +9% |
| Share-based compensation | $41.0M | $43.4M | −$2.4M | -6% |
| Working capital & other | $19.5M | $87.0M | −$67.5M | -78% |
| Operating cash flow | $306M | $314M | −$7.1M | -2% |
| Free cash flow (OCF − capex) | $126M | $206M | −$79.8M | -39% |
| Capital expenditures | $181M | $108M | $72.7M | +67% |
Questions
How much did United Therapeutics's revenue grow quarter over quarter in Q3 2026?
United Therapeutics's revenue rose $49.2M (+6%) from $783M in Q2 2026 to $832M in Q3 2026.
What drove United Therapeutics's revenue change in Q3 2026?
Total Tyvaso +$51.2M (+11%); Orenitram +$19.3M (+15%); Unituxin −$12.9M (-20%).